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Point (1) of Article 2(1) of Regulation (EU) No 909/2014 of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories (CSDR) defines a CSD as “a legal person that operates a securities settlement system referred to in point (3) of Section A of the Annex and provides at least one other core service listed in Section A of the Annex”, notably:
In order to be authorised as CSD, an applicant CSD needs to comply with the obligations laid down in the CSDR as well the obligations set out in the related regulatory technical standards (RTS) and implementing technical standards (ITS).
A CSD can apply to the CSSF for the following authorisations:
It should be noted that, for the provision of the banking-type ancillary services according to Article 54 of the CSDR, a CSD or a designated credit institution needs to be authorised as credit institution according to Article 8 of Directive 2013/36/EU of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms (CRD IV).
An application for authorisation needs to include all information necessary to enable the CSSF to verify whether the applicant CSD has established, at the time of the authorisation, all the necessary arrangements to comply with the CSDR and its related RTS and ITS.